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IT buy.


Platinum Equity, the Beverly Hills private equity firm run by billionaire investor Tom Gores, has announced another in a series of recent acquisitions.

The firm agreed to purchase Pomeroy IT Solutions Inc., an information technology company headquartered in Hebron, Ky., for $6.50 per share. The terms put the total purchase price at more than $60 million.

The deal is expected to close in the fourth quarter.

Platinum outbid a team that had reached a deal to buy Pomeroy, forcing the IT company to cancel its previously announced merger agreement.

Platinum has announced more than a half-dozen acquisitions in the past year after the close of a $2.75 billion fund, including the high-profile purchase of the San Diego Union-Tribune newspaper in March. The firm suffered a setback recently after its offer to acquire bankrupt auto parts supplier Troy, Mich.-based Delphi Corp. was rejected in favor of a bid from Delphi's creditors.

Staff reporter Richard Clough can be reached at rclough@labusinessjournal.com or at (323) 549-5225, ext. 251.

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Title Annotation:BANKING & FINANCE; Platinum Equity L.L.C. acquired Pomeroy IT Solutions Inc.
Author:Clough, Richard
Publication:Los Angeles Business Journal
Article Type:Brief article
Date:Oct 12, 2009
Words:170
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